What is the 1099-K Form?
Every year, the United States IRS requires that ShinePay provide a form called a 1099-K for each ShinePay account that meets all of the following criteria in the previous calendar year:
- The account is based in the United States (owners do not need to be US citizens) or the non-US account is for a US taxpayer
- More than $20,000 USD in total gross volume
- More than 200 charges
The 1099-K is a purely informational form that summarizes the sales activity of your account and is designed to assist you in reporting your taxes. It is provided to you and the IRS, as well as some US states.
For more help understanding your 1099-K, go to IRS.gov. You can also download a blank example of the 1099-K form here.